Business | Your Money

How to make money from your home

A house does not have to be a drain on your bank account

  • The Guardian
  • Published: 17:41 March 3, 2013
  • Gulf News

London: If you are prepared to put up with a bit of disruption it’s easy to turn your home into a moneyspinner and supplement your income.

Rent out a parking space

This can be a huge moneyspinner if you live somewhere where parking is at a premium, and it is almost hassle-free. There are now a number of websites that put people with spare drives in touch with people who need to park in an area.

Perhaps someone who runs a shop near your home needs a place to park during the day would be delighted to pay to park on your driveway while you are at work. If you live near an airport, they may be willing to pay you to park while they are away (to be competitive though, you may need to offer to drop off your guests at the terminal).

Make your home a film star

It might sound unlikely, but have you considered renting out your home as a film set? Film and TV programme makers are always on the lookout for interesting homes (and, frankly, some quite dull ones too) in which to film the odd scene, or even more.

The residents of Bristol cashed in on this for many years. The long-running BBC drama Casualty was filmed in and around the city for more than 20 years. Several private homes were used, netting their owners typical payments of 900 a day or more, in some cases. Film companies, equally, are always keen to discover places to stage sets. Be warned though, this can be hugely disruptive.

You are more likely to be taken on if you have nearby parking to house the film trucks and other paraphernalia. Note: this is not for the fainthearted or very houseproud, as you will have huge numbers trampling through your home. A contract should be in place to cover damage and insurance. If you use an agency remember to factor in its cut.

Rent a spare room

In the UK, householders are allowed to receive a rent of up to £4,250 (Dh23,567) a year per household completely free of tax if you let one or more furnished rooms. To qualify, you must live in the property with the tenant for at least part of the time, and it must be your “principal place of residence”. The £4,250 can be on a room-only basis, or it can include payments for meals, cleaning and laundry. A lodger can occupy a single room or an entire floor of your home.

Money-making ‘parties’

Who can forget the Tuppaware parties of the 70s? The householder would invite their friends round to show off the latest sandwich boxes, while taking a share of the sales. Tupperware may have lost its allure, but jewellery parties are now all the rage. In the UK, Stella Dot is one of the best-known. It says anyone can host one of its “trunk shows”, where its hostesses earn 25 per cent-30 per cent of their personal sales. You should be able to pocket about £225 per event.

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